During an economic slump, it can be easy to slip into a cycle of having your team search for quick results, which is a sure-fire way to end up with a lot of “shiny new objects” and very little revenue to show for it. In Part 2 of our series, we’ll look at investing in proven strategies for weathering economic storms and coming out on top.
In 2020, we saw marketing budgets slashed dramatically in response to the pandemic. While it may be tempting to do the same in response to an economic downturn, it’s important to resist the urge. Studies have shown that companies that maintain or increase their marketing spend during a recession actually outperform their competitors when the economy recovers. The key is to be strategic about how you utilize the budget you have.
If your end goal is to sell your company or go public, you will need to do more than bring in new business. Yes, revenue is a primary driver for valuation. However, to maximize your return, you’ll need a comprehensive strategy that catapults your brand into a must-have asset.
